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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Finance Lease, Principal Payments $ (412) $ (12)
Cash flows from operating activities:    
Net income 339,778 398,615
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 11,254 10,146
Equity-based compensation expense 21,926 37,910
Contract land deposit and other impairments (recoveries), net 37,453 (23)
Gain on sale of loans, net (41,574) (67,919)
Mortgage loans closed (2,280,199) (2,373,748)
Mortgage loans sold and principal payments on mortgage loans held for sale 2,491,119 2,428,410
Distribution of earnings from unconsolidated joint ventures 0 2,156
Net change in assets and liabilities:    
Increase in inventory (255,852) (144,618)
Decrease (increase) in contract land deposits 16,020 (13,554)
Increase in receivables (2,825) (9,597)
Increase in accounts payable and accrued expenses 26,512 32,771
Increase in customer deposits 26,130 7,961
Other, net (19,073) (5,891)
Net Cash Provided by (Used in) Operating Activities 370,669 302,619
Cash flows from investing activities:    
Investments in and advances to unconsolidated joint ventures (38) (335)
Distribution of capital from unconsolidated joint ventures 0 7,167
Purchase of property, plant and equipment (8,217) (10,699)
Proceeds from the sale of property, plant and equipment 449 1,069
Net Cash Provided by (Used in) Investing Activities (7,806) (2,798)
Cash flows from financing activities:    
Purchase of treasury stock (216,582) (304,479)
Proceeds from the exercise of stock options 126,046 178,831
Net Cash Provided by (Used in) Financing Activities 504,330 (125,660)
Net increase in cash, restricted cash, and cash equivalents 867,193 174,161
Cash, restricted cash, and cash equivalents, beginning of the period 1,160,804 732,248
Cash, restricted cash, and cash equivalents, end of the period 2,027,997 906,409
Supplemental disclosures of cash flow information:    
Interest paid during the period, net of interest capitalized 12,593 12,052
Income taxes paid during the period, net of refunds 11,740 71,486
Proceeds from Issuance of Senior Long-term Debt 598,860 0
Payments of Debt Issuance Costs $ (3,582) $ 0